Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/468/1932

From The Socialist newspaper, 4 January 2007

Super-rich pocket 18 billion

Build a socialist alternative

FAMILIES who lost their savings due to the collapse of the company Farepak struggled to have a good Christmas. At the same time London's top financiers were living it up with bonuses totalling 9,000,000,000 (9 billion). Across Britain as a whole, the bonuses received by directors were estimated to be double that figure, a staggering 18 billion.

Judy Beishon

More than 4,000 London financiers received over 500,000 each. One of them walked away with 25.5 million, an amount that could only be earned by a worker on the minimum wage if he or she worked for 2,618 years with no break!

And it is not just obscene bonuses that mark the difference between the best and worst off; the wage gap has also continued to rise. Top directors have seen their pay packets more than double since the year 2000, while ordinary workers have had an average increase of just 6%.

The huge disparity continues with retirement. A director of one of the UK's top 100 companies can retire at age 60 on a final-salary pension of nearly 3 million. At the same time, a majority of UK workers face retirement at 65 or later on pensions that will not provide a decent quality of life; with a single person's state pension a paltry 84.25 a week.

When trying to justify the level of city of London bonuses, the Lord Mayor of London argued that hospitals and schools benefit from tax paid on the bonuses. But it is common for the super-rich in Britain to base themselves in tax-free havens abroad, commuting to London by private jet, or to hive off their money into offshore accounts, precisely in order to avoid financing our hospitals, schools and state pensions.

Many of these tax-avoiders have given money to Tony Blair's New Labour, such as steel tycoon Lakshmi Mittal, so that they will not face government obstacles to continuing with their opulent lifestyles. They know from Labour's entire record that this funding is falling on fertile ground. Blair has even offered seats in the House of Lords to super-rich individuals who do not pay any British taxes at all on their income, as was exposed in last year's cash-for-peerages scandal.

A number of national newspapers carried articles during the Christmas period deploring the escalating inequality that exists, but ending with no suggestion of how it can be prevented. This is because they are papers owned by big business that deliberately offer no alternative to the capitalist system and the three main capitalist parties. To read about socialist ideas - the alternative that would place working class interests first - it is necessary to turn to the pages of this paper, the socialist.

So add to your New Year resolutions a decision to buy and read the socialist every week of 2007, and better still to get involved in building the Socialist Party and the Campaign for a New Workers' Party, as the most concrete way of changing the future!

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 4 January 2007:

Super-rich pocket 18 billion


Transport deregulation rip-off

We want our busses back!


Socialist Party NHS campaign

Build for a March demo

Video National Save Our NHS Whitehall campaign Protest (340Kbits) (4 min video)

Merthyr fights Labour's 'designs'


Socialist Party Marxist analysis

Fighting the bosses' offensive


War and terrorism

Saddam Hussein: Barbaric hanging deepens divisions

Frankenstein kills out of control monster

Arise, Sir Dodgy Dossier


Violence against women

Ipswich murders lifts lid on violent world

Vigil remembers the victims


Socialist Party workplace news

Workers prepare for action over jobs, pay and services

Strike action brings victory

Victory for Surrey social workers

No to the 'Single Status' race to the bottom

Railworkers fight for quality of life


 

Home   |   The Socialist 4 January 2007   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Rich:

triangleCan you donate to the Socialism 2017 appeal?

triangleYoung people being strangled by debts

triangleTories torn - bin them now

triangleWhole establishment exposed for role in Grenfell fire

triangleThe Socialist inbox

Super-rich:

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

triangleReject Starmer's Single Market u-turn

triangleThe have-yachts and the have-nots

triangle1,000 super-rich own 658 billion!

Bonuses:

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

triangleStop the 54,000 yearly maternity sackings

Capitalist:

triangleRussia, October 1917: When workers took power

triangleObesity epidemic: end food market anarchy

Reports and campaigns

Reports and campaigns

19/10/17

North West

Arriva North West bus drivers strike over pay

18/10/17

Democratic rights

Conference on state spies: who's watching who?

18/10/17

Leeds

Striking back against sackers' charter at Leeds Uni

18/10/17

Royal Mail

Royal Mail bosses block strike - back postal workers

18/10/17

PCS

Balloting members on the pay cap

18/10/17

Art

'Dazzling' Bad Art show points to socialist future

18/10/17

Council

Sheffield Labour council threatens peaceful protesters with prison

18/10/17

South West Wales

Hundreds turn out for rally aimed at removing west Wales Tory MP

18/10/17

NHS

Uprising to save the NHS!

18/10/17

Socialism

Can you donate to the Socialism 2017 appeal?

18/10/17

East London

No cuts - hands off King George A&E!

18/10/17

North London

North London hospital workers fight cuts and job losses

18/10/17

BAE

Nationalise to save jobs at BAE Systems

18/10/17

Schools

Schools "can't go any further" - stop the cuts: set deficit budgets now

18/10/17

Swansea

Socialist Students 'welcome' Hillary Clinton to Swansea

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle19 Oct Arriva North West bus drivers strike over pay

triangle18 Oct Russia, October 1917: When workers took power

triangle18 Oct Tories torn - bin them now

triangle18 Oct Royal Mail bosses block strike - back postal workers

triangle18 Oct Balloting members on the pay cap

triangle13 Oct The end of the Tories?

triangle11 Oct Nasty party imploding...drive out the Tories

More ...

triangle21 Oct Birmingham: NSSN Solidarity Forum

triangle23 Oct Chesterfield Socialist Party: The continuing struggle for abortion rights

triangle24 Oct Liverpool Socialist Party: The October Russian Revolution 100 years ago to the day

triangle25 Oct Salford Socialist Party: The October 1917 Russian revolution

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2